First Plus in default of FSA ppi agreement

jaynemaria

amersall wrote: »

What has happened to the original ppi amount?this should come off the balance of your loan and your loan reduce by the monthly ppi amount.

The refund you have recieved could have been the ppi you paid with 8% and they have taken off your insurance amount that you claimed and any arrears.

It is still a victory,and if the ppi is taken off the balance(make sure they have done this) this will save you thousands over the remaining term in interest.

thanks, for that, they have said they will reschedule the loan into the position as if the ppi had not been added to the loan. The loan was £47000 and then they added the PPI which was £11265 and now they are saying the outstanding balance is £50833.25 does that seem right??

amersall

jaynemaria wrote: »

thanks, for that, they have said they will reschedule the loan into the position as if the ppi had not been added to the loan. The loan was £47000 and then they added the PPI which was £11265 and now they are saying the outstanding balance is £50833.25 does that seem right??

This does sound right i am afraid, mine has not reduced much after paying for 5 years,this is what happens with a secured loan,at least you wont have to pay the ppi anymore with interest.
What would your balance be with the ppi?? doesnt bear thinking about.

jaynemaria

be very interested to know how much I will be saving though over the next 20 years:eek:

One thing also if I may ask, my payments have only gone down by £2 a month despite the PPI being £98 a month is this right?

zoe1234_2

Good luck to those waiting for cheques this week! My 8 weeks is still a way away (14 Dec) and cant bear to think if my 2 remaining cheques will be delayed! GRRR!!!!!

Z

nutty_nat

zoe1234 wrote: »

Good luck to those waiting for cheques this week! My 8 weeks is still a way away (14 Dec) and cant bear to think if my 2 remaining cheques will be delayed! GRRR!!!!!

Z

Good luck Zoe :rotfl:

macpep1

Hi All :wave:

Newbie to this board, very interesting reading, we have a FP loan which we took out as a secured loan 4 years ago, it still has 4 years to run, I don't believe I have PPI as anything I have taken out I always said no to the insurance things, any credit card that I had that had the insurance, I wrote to them to cancel it. I still have the paperwork for FP but not other CC's I had in the past, we also have an RBS loan which has around 10 months left but again I am positive I declined PPI. My OH wants me to go down the route of going through the process of reclaiming, as he said its worth a try (someone he knows put it into his head as they too thought they had no PPI) he said nothing ventured, nothing gained. I don't know if I could deal with the stress you all seem to have been through with FP and to be dealing with the FO or FSA just sounds scary to me:rotfl:. How do I go about finding if I have been mis-sold PPI? A few credit cards I had years ago (MBNA, Tesco, Capital One) are all closed now so I won't have paperwork for them either.

TIA :T

bobc44

I am right at the start of this process and about to write my claim, hoping to get the ppiremoved from the balance of my loan. I have received the 5 year cash back and am now in year 6. i assume i should claim for 8% for 6 years and one years worth of premiums to cover year 6 and an end to future payments. the cashback in effect paid for years 1 to 5?

Well done you lot

amersall

jaynemaria wrote: »

be very interested to know how much I will be saving though over the next 20 years:eek:

One thing also if I may ask, my payments have only gone down by £2 a month despite the PPI being £98 a month is this right?

Get back in touch with them,this win should have put you back in the position you would have been without ppi,your monthly payment should come down by the ppi monthly amount.
If they try to tell you that you claimed on this and that is why the payment has not reduced by the full ppi monthly amount,ask them to explain this to you,and tell them you will go to FOS,as you have not had the correct redress as FP stated in the upheld letter.

Times your original ppi amount by about 3 and that is what you could have been paying,even more with the way they raise rates when they feel like it.

amersall

bobc44 wrote: »

I am right at the start of this process and about to write my claim, hoping to get the ppiremoved from the balance of my loan. I have received the 5 year cash back and am now in year 6. i assume i should claim for 8% for 6 years and one years worth of premiums to cover year 6 and an end to future payments. the cashback in effect paid for years 1 to 5?

Well done you lot

Your calcs will be different as you have had the ppi back,but you will get the total ppi taken off the loan and your monthly payment goes down by the ppi monthly amount.
You will get the 8% for each monthly ppi payment that you made to the date they settle the claim and the ppi refund of premiums paid to date.They work out what you have paid, you dont need to tell them.
If you win the mis sell,they will give you 3 options as to how you want to use your refund,take the one that gets the whole ppi removed from your loan and reduces your monthly payment,this will take thousands off your loan in the remaining term.
I have posted the letter you send to FP on the other thread that you asked the question on.

amersall

macpep1 wrote: »

Hi All :wave:

Newbie to this board, very interesting reading, we have a FP loan which we took out as a secured loan 4 years ago, it still has 4 years to run, I don't believe I have PPI as anything I have taken out I always said no to the insurance things, any credit card that I had that had the insurance, I wrote to them to cancel it. I still have the paperwork for FP but not other CC's I had in the past, we also have an RBS loan which has around 10 months left but again I am positive I declined PPI. My OH wants me to go down the route of going through the process of reclaiming, as he said its worth a try (someone he knows put it into his head as they too thought they had no PPI) he said nothing ventured, nothing gained. I don't know if I could deal with the stress you all seem to have been through with FP and to be dealing with the FO or FSA just sounds scary to me:rotfl:. How do I go about finding if I have been mis-sold PPI? A few credit cards I had years ago (MBNA, Tesco, Capital One) are all closed now so I won't have paperwork for them either.

TIA :T

Look on your FP agreement,this will show the ppi,if it is not there you did not have it.
Send requests to the banks you have no details for asking for all info they have on you these are £10 per bank or cc company.
ust to let you know,credit card ppi is sometimes put on when the card is activated so wont show on your agreement.


Look here for reasons for mis sell and if any/all apply to you then put a claim in.http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

You could just phone the banks and give as much info as you can and see if they can find your accounts.
If you need anymore help just ask.